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If I record monthly sales from the POS by source like insurance company a, b, c, POS payment, can I record credit for total sales and debit a clearing account asset for each source? Then, when I see the funds in my bank feed do I just categorize them to the appropriate clearing accounts and then I’m left with total sales and any outstanding clearing asset balance for yet to be paid items?

When you make the deposit entries to clear the “Undeposited” clearing accounts with the bank account, do you need to ensure the total ties exactly to a deposit from the bank feed and then it would allow them to match so my bank feed is “categorized”? So for example if I get paid every other day in the bank feed I’d make a deposit entry drawing down undeposited fund assets for each bank feed deposit that matches exactly? I have the same dilemma with Jane where a payout report might be really good as a journal entry as you show and my bank feed will get paid over time but could fall across months so I’d want to know total sales in the month even if I didn’t collect all payments yet.

I have a couple of questions- The payouts are multiple days lumped together so they don't often match to the Payments page. I can get fees off of there there's also sales tax items, refunds and adjustments. Are these items NOT included in the revenue reports and need be posted? I can book a training but I don't really think I have a full hour of questions. Thank you.

You explained this so well. Thank you

You go wayyyyyyyyyyyy too fast! And your video is blurry, I can't even see the amounts?

Detailed and extremely helpful - Thank you!

If your business has a savings account would you have a whole separate sheet for this and reconcile it the same way?

How would you log a vehicle if you share it with your business? If you use it for both personal and business. Thanks!!

Hey thank you so much for this video. How do you handle these monthly entries when you have a cash basis client who takes payment plans from their clients. The Total Sales doesn't equal Total Payments. Since they're cash basis, I'm putting Total Payments to Sales in the JE but now I'm having trouble with it balancing due to the sales tax payable and discounts.. thank you for any insight you can provide!

Very helpful stuff. Thank you for taking your time to do it.

and how can it be uploaded through the api

Great video! You highlighted key points that no one else mentioned. Thank you!

Best instructional video ever! Seriously. You did an amazing job at making it do-able AND easy to understand. I have been searching for books and resources to make exactly what you created here for months. My search is over. Now to look at other great stuff you have... THANK YOU!!

Didn't work for me....... ugh. I don't know why

This was exactly what I needed and it worked! Thank you!

Hi Gunnar, Thank you so much for this video, VERY helpful. I own a liquor store in Minnesota & I have multiple tax rates for example, 6.875% General rate, 2.5% liquor, .5% County, etc. can I still use 1 Daily Sales Receipt? If so, can you help?

The SUMIF function would save you a lot of time when transferring all transactions from the bank/credit card tabs to the Profit & Loss tab.

Thanks so much for this video! It has been extremely helpful. We operate a small restaurant and bakery with Square PoS and the integration with QBO has been quite painful. We will be implementing this method in the very near future after we figure out a few more variables as we use Square for Payroll and also have a few savings accounts that take automatic deductions from each sale. Big Thanks!

This video has been very helpful. I am wondering the proper way to enter the tips. The way I have done it doesn't seem to reflect properly. Thank you.

very informative, we are a medical business selling retails products, sometimes under a prescription, sometimes not prescribed, the same item can be taxable if not prescribed, and non taxable if bought with a prescription. moreover on the same bill, someone could have items with taxes and some without, for instance 600$ total but only 1.27$taxes. Do you have any advice so we can have clear reports at the end of the month on how much we owe to our dear government? appreciated

great video! Although my Financd>Payout report screen does NOT look like the one in your video. Mine does not show fees ? ? ? Is there a way to change columns?

awesome video! Just a question on service charge fees. How do I enter those? I you skipped that in the video, so I am wondering what d/c accounts to use? Thanks

Thank you, Thank you, Thank you! for this incredibly comprehensive and thoughtfully done tutorial!

Thanks for the video. It's very informative. But I think gain on the sale of asset needs to record as a credit. Dr. Cash 800, Dr. Accumulated Depreciation 1000; Cr. Gain on sales 600 Cr. Asset 1200

why is showing different with bank deposit ?

Your videos are so well explained and so easy to follow along and understand!

We are looking for a new POS company for our retail store and fishing lodge. Have any of your customers used Lightspeed? In your expert opinion, which POS platforms present the best sales reports for entering to QB? I am enjoying your channel, thanks.

Excellent video. Do you have another tutorial explaining the deposit process after this journal entry?

Gunnar, thank you for a comprehensive video. i found my way here after several transactions failed to be included in the Square to Quickbooks integration tool. My current stumbling block is related to the QBO Sales Tax Liability Report. I'd like to be able to carry over data from Square taxes report, what/how can I make this part of the journal entry? Thanks in advance for your help.

Thank you. Great comprehensive video. So many blogs, websites, and videos just brush over some stuff and then tell you to buy their product or hire them. As a person trying to start a business, keeping fees low is a must. This was so helpful. Thanks again

Is there a way to link the Bank Register to the P&L?

thanks! this was VERY helpful :)

Thank you so much! This was great.

Hey. Thanks for the video, but what do I do if someone only pays a partial payment? Ie sales for the day of 2,000 payments in of 1,500? Thanks!!!

Greetings, so I wouldn't have to touch the entries in the bank statement, I just wait until the end of the month and make the single entry in the journal? Shopify groups several payments into one, would there be a way to reconcile the bank statement for greater accuracy or is it better not to touch them?

Great video, but I am really struggling on how to incorporate the Bank Feed and the Journal Entries. Also, with the PayPal Bank feed where deposits are made and the fee comes out there (I know you explained the fee portion well - thank you). Again, its how to clear everything out from teh Bank Feed I am struggling with.

Thank you Gunnar. How do you record assets that were purchased BEFORE ? Meaning, they are an asset that the business uses, and is making payments on each month, but the original purchase isn't on the books because it happened so long ago?

My sales report has the gross sales less than the total collected. This company takes deposits for their products. When doing the JE I can't save it because the totals aren't the same. How do I make up the difference in the JE? One other thing that is off is the "other" payment. If it's a check I would think it would be deposited but I don't see it in the bank feed(QBO). Where do I start to look for answers? This is my first Rodeo with Square. I'm starting 1/1/2024. Thanks.

I'm so grateful for this tutorial and your incredible teaching style. You don't skip over steps and assume people will know. Thank you so much. Finding this has made my year!

A parent company with a foreign subsidiary company can operate with a single subscription & maintain both company books of accounts?

Recently found your channel and I am really appreciating the detail you put into your videos - thank you! Would you consider creating a video where you show your reconciliation process for the clearning accounts?

Your template is a lifesaver, and I'm glad you shared it. I'm also grateful for your tips on how to do bank and credit card reconciliations and how to scan and save receipts. I'll be using these tips going forward.

My client is a counselor who wants to be able to categorize income in QBO by income stream, e.g. individual vs couples vs family counseling. All payments are taken by card, so do I still have just the clearing account in QBO? But if I set a rule to enter bank deposits as transfers, I'm missing capturing that information. When is the best stage in the process to break out by type so that I can eventually have the income categorized to separate subaccounts under a parent income account "Client Fees"?

This was incredibly helpful and I just want to say thank you SO MUCH for taking the time to make this video. I was lost and now I feel like I actually understand things clearly.

YES!! Thank you. This was super helpful. I was like oh man a client with square! Well I need to learn what to do sooner or later and this nailed it down for me and cut out so much guess work.

Thanks - this was very helpful. Chase CC do make this a challenge when there are a lot of employee cards.

Thanks Gunner! I'm not sure if I'm doing something incorrectly, so I certainly appreciate your insight. I've set this JE up and it balances perfectly for one client. But I have a new client and it's off. The client wasn't automatically transferring her square funds to her bank, so would that be throwing things off? Or would it be invoice payments? She invoices some buyers with 50% down. That transaction isnt in the transaction ledger until the invoice is paid in full. But that money is still somewhere. Would that still be in the Square Clearing? Thanks!!

Does it actually help save time? This seems like extra work

Thank you so much for this - it will save us a lot of time - I have found a Summary Report that seems to put quite a bit of the info together that might be useful. We are in the UK and I think our Quickbooks is set up differently in terms of sale tax though so just trying to figure out that bit. I am wondered how the gift cards fit into this...

Hello! I have a question, hopefully you are able to answer. I added the sales as directed in the video, my issue is that, when I open the statement for the month for debit/credit card transactions there is an additional fee that is charged and comes out of the bank account separately. Now I’m noticing that the clearing account is overinflated because it is not accounting for that additional fee. What is the best way to correct that? Thank you!